REG - East Star Resources - Half-year Report
29/09/2025 07:00
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RNS Number : 0743B East Star Resources PLC 29 September 2025
29 September 2025
East Star Resources Plc
("East Star" or the "Company")
Half Year Report for the Six Months Ended 30 June 2025
East Star Resources Plc (LSE:EST), which is exploring for copper and gold in
Kazakhstan, is pleased to present its half year report for the six-month
period ended 30 June 2025.
Highlights
· Announced results of late 2024 drilling at Verkhuba with all three
holes intersecting new ore-grade mineralisation outside the current resource
envelope, supporting potential to expand the Mineral Resource and reduce
future strip ratio of open pit-development
· Digitisation of historical Rulikha drill data highlighted thick,
high-grade copper and zinc intersections
· IP survey northeast of Rulikha defined large chargeable anomalies
· IP survey at Talovskoye outlined a near-surface anomaly over the
historic mine and a larger, deeper chargeability anomaly to the west
· Commenced drilling in June across Rulikha, Talovskoye and Verkhuba,
completing 2,302 metres over nine holes (assays pending)
· At the Snowy licence, exploration refined a major gold-in-soil
anomaly and confirmed a significant epithermal gold target, positioning the
area as a promising dual copper-gold play with company-transforming potential
· Across Karaganda, East Star field teams visited more than 20 targets,
prospective for copper/gold porphyry and epithermal gold deposits, derived
from our participation in the BHP Xplor programme in 2024. Several
applications for new licences have been lodged
· Raised £0.6 million through an oversubscribed WRAP Retail Offer and
Subscription, following strong demand from investors including Board
participation
Sandy Barblett, Non-Executive Chairman, commented:
"With copper supply deficits forecast to deepen in the medium term, gold
trading at record highs, and Kazakhstan offering one of the world's most
prospective but underexplored jurisdictions, we believe East Star is
exceptionally well placed to deliver returns through discovery and resource
development."
East Star Resources Plc
Alex Walker, Chief Executive Officer
Tel: +44 (0)20 7390 0234 (via Vigo Consulting)
SI Capital (Corporate Broker)
Nick Emerson
Tel: +44 (0)1483 413 500
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob / Anna Stacey
Tel: +44 (0)20 7390 0234
About East Star Resources Plc
East Star Resources is focused on the discovery and development of copper and
gold in Kazakhstan. East Star's management are based permanently on the
ground, supported by local expertise. The Company is pursuing multiple
exploration strategies:
· Volcanogenic massive sulphide (VMS) exploration, which to date
includes a deposit with a maiden JORC MRE of 20.3Mt @ 1.16% copper, 1.54% zinc
and 0.27% lead, in an infrastructure-rich region, amenable to a low capex
development
· Copper porphyry and epithermal gold exploration, with multiple
opportunities for Tier 1 deposits, initially supported by an initial US$500k
grant from BHP Xplor in 2024
Visit our website:
www.eaststarplc.com (http://www.eaststarplc.com)
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/east-star-resources/
(https://www.linkedin.com/company/east-star-resources/)
X: https://x.com/EastStar_PLC (https://x.com/EastStar_PLC)
Subscribe to our email alert service to be notified whenever East Star
releases news:
www.eaststarplc.com/newsalerts (http://www.eaststarplc.com/newsalerts)
The person who arranged for the release of this announcement was Alex Walker,
CEO of the Company.
This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the
publication of this announcement, this inside information (as defined in UK
MAR) is now considered to be in the public domain.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present East Star's half-year report for the six months ended
30 June 2025 (the "Period").
During the Period, East Star continued to advance its multi-strand exploration
strategy to discover deposits of copper and gold in different geological
settings in Kazakhstan. Copper remains at the centre of our strategy, as the
world's transition to electrification continues to drive demand growth against
constrained supply. With multiple exploration strategies targeting different
styles of copper and gold mineralisation, we believe East Star is uniquely
positioned, with boots on the ground and a well-established exploration
platform, to contribute meaningful new discoveries in a country that is
becoming increasingly attractive to the global mining industry.
Review of Operations
VMS Copper - Verkhuba and New Targets
At the Verkhuba Copper Deposit, drilling conducted in late 2024 returned very
encouraging results. All drill holes intersected ore-grade mineralisation
outside the current resource envelope indicating the potential to add tonnes
to the existing resource while lowering the strip ratio of a future open-pit
development. Assays from 238 core samples confirmed this interpretation, with
multiple new ore-grade intervals reported. This progress strengthens
Verkhuba's standing as a substantial copper deposit with further growth
potential, close to processing infrastructure with excess capacity.
Exploration across our wider Rudny Altai belt licences also intensified. At
Rulikha, historical drill data digitisation revealed outstanding polymetallic
intersections, including thick, high-grade copper and zinc intervals proximal
to strong IP and EM anomalies. Follow-up IP surveys have delineated large,
highly chargeable anomalies immediately north of the known Rulikha deposit.
Similarly, at Talovskoye, IP survey results identified both near-surface and
deeper chargeability anomalies with potential for significant mineralisation.
Preparations culminated in June, with the mobilisation of a drill rig to the
East Region to begin a programme that has run for approximately three months,
encompassing Rulikha, Talovskoye and Verkhuba. In total, East Star drilled
2,302 metres across nine holes. Drilling has now been completed with five of
the holes logged, cut, sampled and sent to the ALS laboratory in Karaganda,
Kazakhstan, for assay. The remaining four holes will be sent over in the
coming weeks, with assay results expected through Q4 2025.
Copper Porphyry and Epithermal Gold
Further field work was done at the Snowy epithermal gold target, including
site visits and sampling by Australian specialists in epithermal gold
deposits. The prospect continues to show promise for a discovery with
additional exploration programmes being planned for execution in Q4 2025.
East Star has also had field teams out in the greater Karaganda region,
visiting more than 20 targets, prospective for copper/gold porphyry and
epithermal gold deposits, derived from participation in the BHP Xplor
programme in 2024. Several applications for new licences have been lodged as a
result of this work.
Financing
In June, the Company completed a successful fundraise through a combination of
subscription and retail participation via the WRAP platform. Strong investor
demand resulted in an oversubscribed round, raising more than £0.6 million in
aggregate. This funding supported the drilling programme in the East Region.
The Board was pleased to note the participation again of Directors in this
financing, further aligning interests with shareholders.
Key Financial Indicators
· Cash and cash equivalents at year-end were £737,000 (H1 2024:
£411,000)
· Loss before taxation for the year was £756,000 (H1 2024: £9,000
profit)
· The Group held net assets at Period-end of £3,245,000 (31 December
2024: £3,155,000)
· The Group held total assets at Period-end of £3,328,000 (31 December
2024: £3,271,000)
Outlook
The first half of 2025 has been characterised by technical progress across
East Star's VMS and porphyry/epithermal exploration strategies, culminating in
the resumption of drilling in the East Region to test the Rulikha and
Talovskoye geophysical anomalies, adjacent to historical deposits, and add
tonnes to the already-sizeable Verkhuba Copper Deposit. These represent
high-impact exploration opportunities with the potential to deliver new
discoveries and resource expansion in a region where infrastructure and
skilled mining labour are already in place.
Looking ahead, our focus for the second half of the year will be on delivering
results from these drill programmes, updating our resource and exploration
models and planning the 2026 drilling, while continuing to advance our
porphyry and epithermal gold strategy.
With copper supply deficits forecast to deepen, gold trading at record highs,
and Kazakhstan offering one of the world's most prospective but underexplored
jurisdictions, we believe East Star is exceptionally well placed to deliver
returns through discovery and resource development.
I would like to thank our team in Kazakhstan for their dedication and hard
work, as well as our shareholders for their ongoing support. We look forward
to an exciting and results-driven second half of the year.
Sandy Barblett
Non-Executive Chairman
26 September 2025
EAST STAR RESOURCES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2025
Unaudited Unaudited
Period ending Period ending
30 June
30 June
2024
2025
Note £'000 £'000
Continuing Operations
Administrative expenses (291) (232)
Share based payments (30) (22)
Foreign exchange gain / (loss) (435) (131)
Other income 5 - 394
Operating profit /(loss) (756) 9
Profit / (loss) before taxation (756) 9
Taxation - -
Profit / (loss) for the period from (756) 9
continuing operations
Other comprehensive income 213 21
Total comprehensive profit/(loss) for the period (543) 30
Basic & dilutive earnings per share - (£ pence) 6 (0.19) 0.004
The notes form an integral part of the Condensed Consolidated Interim
Financial Statements.
EAST STAR RESOURCES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
Unaudited Unaudited Audited
As At As At As At
30 June
30 June
31 December
2025
2024
2024
Note £'000 £'000 £'000
NON-CURRENT ASSETS
Exploration assets 7 2,503 2,431 2,448
Property, plant and equipment 29 14 35
TOTAL NON-CURRENT ASSETS 2,532 2,445 2,483
CURRENT ASSETS
Cash and cash equivalents 737 411 678
Trade and other receivables 59 104 110
TOTAL CURRENT ASSETS 796 515 787
TOTAL ASSETS 3,328 2,960 3,271
CURRENT LIABILITIES
Trade and other payables 83 69 116
TOTAL CURRENT LIABILITIES 83 69 116
TOTAL LIABILITIES 83 69 116
NET ASSETS 3,245 2,892 3,155
EQUITY
Share capital 9 4,454 2,196 3,975
Share premium 9 9,302 6,069 9,178
Share based payment reserve 10 384 329 354
Share capital to be issued - 3,750 -
Foreign exchange reserve 477 52 264
Reverse acquisition reserve (4,795) (4,795) (4,795)
Retained earnings (6,577) (4,710) (5,821)
Non-controlling interest (0.10) (0.03) (0.20)
TOTAL EQUITY 3,245 2,892 3,155
The notes form an integral part of the Condensed Consolidated Interim
Financial Statements.
The Condensed Consolidated Financial Statements were approved and authorised
by the Board of Directors on 26 September 2025:
…………………………….
Sandy Barblett
Non-Executive Chairman
EAST STAR RESOURCES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - AS AT 30 JUNE 2025
Share capital Share Premium SBP Reserve Foreign Exchange Reserve Reverse acquisition reserve Share Capital to issue Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2023 2,187 6,052 307 31 (4,795) 3,750 (4,719) 2,813
Loss for period - - - - - - 9 9
Other comprehensive income - - - 21 - - - 21
Total comprehensive loss for period - - - 21 - - 9 30
Transactions with owners in own capacity
Ordinary shares issued in the period 9 17 - - - - - 26
Share based payments - - 22 - - - - 22
Transactions with owners in own capacity 9 17 22 - - - - 48
Balance at 30 June 2024 2,196 6,069 329 52 (4,795) 3,750 (4,710) 2,892
Loss for period - - - - - - (1,111) (1,111)
Other comprehensive income - - - 212 - - - 212
Total comprehensive loss for period - - - 212 - - (1,111) (899)
Transactions with owners in own capacity
Ordinary shares issued in the period 1,779 3,161 - - - (3,750) - 1,190
Share Issue Costs - (52) - - - - - (52)
Share based payments - - 25 - - - - 25
Transactions with owners in own capacity 1,779 3,109 25 - - (3,750) - 1,163
Balance at 31 December 2024 3,975 9,178 354 264 (4,795) - (5,821) 3,155
Loss for period - - - - - - (756) (756)
Other comprehensive income - - - 213 - - - 213
Total comprehensive loss for period - - - 213 - - (756) (543)
Transactions with owners in own capacity
Ordinary shares issued in the period 479 124 - - - - - 603
Share based payments - - 30 - - - - 30
Transactions with owners in own capacity 479 124 30 - - - - 633
Balance at 30 June 2025 4,454 9,302 384 477 (4,795) - (6,577) 3,245
EAST STAR RESOURCES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2025
Unaudited Unaudited
Period ended Period ended
30 June
30 June
2024
2025
£'000 £'000
Cash flow from operating activities
Profit / (loss) before taxation for the period (756) 9
Adjustments for:
Depreciation 4 5
Share based payments 30 22
Foreign exchange loss 338 36
Changes in working capital:
Decrease in trade and other receivables 35 14
(Decrease) in trade and other payables (31) (38)
Net cash outflow from operating activities (380) 48
Cash flows from investing activities
Investment in fixed assets - (2)
Spend on exploration assets (246) (300)
Net cash flow from investing activities (246) (302)
Cash flows from financing activities
Proceeds from issue of shares 622 -
Proceeds from exercise of warrants - 26
Share issue costs (19) -
Net cash flow from financing activities 603 26
Net (decrease) in cash and cash equivalents (23) (228)
Cash and cash equivalents at beginning of the period 678 635
Foreign exchange impact on cash 82 4
Cash and cash equivalents at end of the period 737 411
EAST STAR RESOURCES PLC - CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDING 30 JUNE 2025
1. General information
East Star Resources Plc was incorporated under the Companies Act 2006 on 17
November 2020 in England and Wales under the name Cawmed Resources Limited and
remains domiciled there with Registered Number 13025608. The Company
subsequently changed its name to East Star Resources Limited on 27 January
2021 and on 3rd March 2021 re-registered as a plc. The following condensed
consolidated interim financial statements are consolidated to include the
Company and all its subsidiaries ("the Group").
The address of its registered office is Eccleston Yards, 25 Eccleston Place,
London SW1W 9NF, United Kingdom.
The principal activity of the Group is to explore opportunities in the natural
resources sector specifically in relation to gold and copper extraction. In
prior periods the Company successfully completed the acquisition of Discovery
Ventures Kazakhstan ("DVK"), a Kazakhstan based subsidiary which jointly holds
multiple exploration licenses. During this period the Group has undertaken
significant exploration activities across these licenses and regularly
reported to the market on the immense potential of the area.
2. Accounting policies
IAS 8 requires that management shall use its judgement in developing and
applying accounting policies that result in information which is relevant to
the economic decision-making needs of users, that are reliable, free from
bias, prudent, complete and represent faithfully the financial position,
financial performance and cash flows of the entity.
2.1 Basis of preparation
The unaudited condensed consolidated interim financial statements ("interim
financial statements") have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting" (IAS 34).
The interim financial statements do not include all disclosures that would
otherwise be required in a complete set of financial statements but have been
prepared in accordance with the existing accounting policies of the company.
The interim financial statements for the 6-month period from 1 January 2025 to
30 June 2025 are unaudited. Comparatives have been provided for the comparable
period ending 30 June 2024 as well as 31 December 2024 where applicable.
The interim financial statements have been prepared using the measurement
bases specified by IFRS for each type of asset, liability, income and expense.
The interim financial statements do not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The accounting policies
adopted are consistent with those applied in the Company's last audited annual
financial statements ending 31 December 2024 and can be viewed on the
Company's website (www.eaststarplc.com (http://www.eaststarplc.com) ).
The functional currency for each entity in the Group is determined as the
currency of the primary economic environment in which it operates. The
functional currency of the Company's subsidiaries is the Kazakhstan Tenge. The
presentational currency of the Group is Pounds Sterling as this is the
functional currency of the parent entity and the currency in which equity
fundraising has been facilitated. Amounts have been rounded to the nearest
£'000.
The performance of the Group is not affected by seasonal factors and the risk
factors applicable to the Group have not changed materially since the
publication of the annual report and financial statements for the period
ending 31 December 2024.
New standards, amendments and interpretations adopted by the Group
During the current period the Group adopted all the new and revised standards,
amendments and interpretations that are relevant to its operations and are
effective for accounting periods beginning on 1 January 2025. This adoption
did not have a material effect on the accounting policies of the Group.
New standards, amendments and interpretations not yet adopted by the Group.
The standards and interpretations that are relevant to the Group, issued, but
not yet effective, up to the date of these Interim Financial Statements have
been evaluated by the Directors and they do not consider that there will be a
material impact of transition on the financial statements. These standards not
yet adopted are listed below:
Standard Amendment Focus References
IFRS 1 - First-time Adoption of IFRS Clarifies hedge accounting aspects for consistency with IFRS 9; improves IFRS 1.B5, B6
understandability for first-time adopters on hedge designations and reliefs.
IFRS 7 - Financial Instruments: Disclosures Updates obsolete references; aligns terminology with IFRS 13 Fair Value IFRS 7.44NN, B38
Measurement.
IFRS 7 - Implementation Guidance Clarifies guidance does not cover every disclosure requirement; updates IG1, IG14, IG20B
wording for consistency with IFRS 7, IFRS 9, IFRS 13.
IFRS 9 - Financial Instruments Clarifies lease liability derecognition under IFRS 9 must be recognised in IFRS 9.2.1(b)(ii), 5.1.3, Appendix A
P&L (not retrospectively); enhances consistency with IFRS 15 for initial
measurement of receivables.
IFRS 10 - Consolidated Financial Statements Clarifies use of "de facto agent" concept; stresses judgement required to IFRS 10.B7
assess whether other parties act on behalf of the investor.
2.2 Going concern
The Directors have assessed the Group's ability to continue as a going concern
and are satisfied that the Group has adequate resources to continue in
operational existence for the foreseeable future. The Group's auditors
included a material uncertainty related to going concern in the last annual
report based on the ability of the Group to source additional funding in the
12 months from signoff of the annual report for 31 December 2024.
Since 31 December 2024 the Group has sourced additional financing validating
the Directors decision to adopt the Going Concern assumption. The Directors
continue to exercise due process when evaluating the liquidity of the Group
and will continue to make ccertain assumptions with regards to the timing and
amount of future expenditure over which they have control. Taking into account
all the factors affecting the Group the Directors are confident in the ability
of the Group to satisfy this condition and hence continue to adopt the going
concern basis in preparing these interim financial statements.
2.3 Risks and uncertainties
The Directors continuously assess and monitor the key risks of the business.
The business has not materially changed since the end of the last period and
hence risks pertaining to the business remain materially similar. Overall the
Board feels that the team and risk mitigation factors that are in place are
sufficient to reasonably deal with any risks that may arise.
3. Critical accounting estimates and judgements
In the application of the Group's accounting policies, the Directors are
required to make judgements, estimates and assumptions about the carrying
amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised, if the revision affects only that period, or in the
period of the revision and future periods if the revision affects both current
and future periods. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed below:
Recoverable value of exploration assets - Note 5
Costs capitalised in respect of the Group's mining assets are required to be
assessed for impairment under the provisions of IFRS 6. Such an estimate
requires the Group to exercise judgement in respect of the indicators of
impairment and also in respect of inputs used in the models which are used to
support the carrying value of the assets. Such inputs include estimates of
mineral reserves, production profiles, commodity prices, capital expenditure,
inflation rates, and pre-tax discount rates that reflect current market
assessments of (a) the time value of money; and (b) the risks specific to the
asset for which the future cash flow estimates have not been adjusted.
During the current period, the Directors concluded that, since 31 December
2024, circumstances have not changed since then to indicate that there would
be any impairment at 30 June 2025.
4. Segment reporting
The Group manages its operations in two segments, being exploration activities
in Kazakhstan and corporate functions in the United Kingdom. The results of
these segments are regularly reviewed by the board as a basis for the
allocation of resources, in conjunction with individual investment appraisals,
and to assess their performance.
Contributions per segment to loss before taxation are detailed below:
United Kingdom Kazakhstan Total
£'000 £'000 £'000
Administrative expenses (179) (112) (291)
Share based payments (30) - (30)
Foreign exchange gain / (loss) - (435) (435)
Operating loss from continued operations per reportable segment (209) (547) (756)
Reportable segment assets 686 2,642 3,328
Reportable segment liabilities (43) (40) (83)
Total 643 2,554 3,245
5. Other income
Period ended Period ended
30 June 2025 30 June 2024
£'000 £'000
BHP Xplor program - 394
- 394
6. Earnings per share
The calculation for basic and diluted earnings per ordinary share is based on
the total comprehensive loss after income tax attributable to equity
shareholders for the period and is as follows:
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 June
30 June
31 December
2025
2024
2024
Net profit / (loss) for the period attributable to ordinary equity holders for (756) 9 (1,102)
continuing operations (£'000)
Weighted average number of ordinary shares in issue 402,036,844 219,517,164 264,288,870
Basic and diluted earnings per share for continuing operations (pence) (0.19) 0.004 (0.42)
There is no difference between the diluted loss per share and the basic loss
per share presented. Share options and warrants could potentially dilute basic
earnings per share in the future but were not included in the calculation of
diluted earnings per share as they are anti-dilutive for the period presented.
7. Exploration & evaluation assets
£'000
Opening balance - 30 June 2024 2,431
Exploration expenditure across licenses 278
FX impact on additions (261)
As at 31 December 2024 2,448
Opening balance - 1 January 2025 2,448
Exploration expenditure across licenses 246
FX impact on additions (191)
As at 30 June 2025 2,503
8. Investment in subsidiaries
Name Business Activity Country of Incorporation Registered Address Percentage Holding
Discovery Ventures Kazakhstan Limited Mineral exploration Kazakhstan Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan 100%
Chu Lli Resources ltd* Mineral exploration Kazakhstan Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G , 80%
Kazakhstan
Rudny Resources ltd* Mineral exploration Kazakhstan Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan 80%
Copperland Resources * Mineral exploration Kazakhstan Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan 100%
MVLKAZ Holdings Limited Holding company England and Wales Eccleston Yards, 25 Eccleston Place, London, SW1W 9NF 100%
MVLKAZ Limited ** Mineral exploration Kazakhstan Astana City, Yesil district, Sauran st., building 3/1, 717, Z05K6G, Kazakhstan 100%
* Subsidiaries held indirectly through Discovery Ventures Kazakhstan
** Subsidiary held directly through MVLKAZ Holdings Limited
9. Share capital and share premium
Ordinary Shares Share Capital Share Premium Total
# £'000 £'000 £'000
As at 30 June 2024 219,517,164 2,196 6,069 8,265
Shares issue upon exercise of warrants 333,333 3 7 10
Issue of ordinary shares 102,665,422 1,026 102 1,128
Issue of performance shares 75,000,000 750 3,000 3,750
As at 31 December 2024 397,515,919 3,975 9,178 13,153
Issue of ordinary shares(1) 47,868,616 479 124 603
As at 30 June 2025 445,384,535 4,454 9,302 13,756
(1)On 13 June 2025, the Company issued 47,868,616 ordinary shares of par
value £0.01 at a subscription price of £0.013 as part of a placement in the
Company.
10. Share based payments reserve
The following options over ordinary shares have been granted by the Group and
are outstanding at period end:
£'000
Opening balance - 30 June 2024 329
Employee options - charge release for the period 25
As at 31 December 2024 354
Employee options - charge released for the period 30
As at 30 June 2025 384
Warrants
As at 30 June 2025
Exercisable Warrants Outstanding Warrants
Weighted average exercise price Number of Weighted average exercise price Number of
options options
Brought forward at 1 January 2025 3.33p 44,678,258 3.33p 44,678,258
Lapsed in period 5p (2,146,000) 5p (2,146,000)
Exercisable at 30 June 2025 3.21p 42,532,258 3.21p 42,532,258
Options
As at 30 June 2025
Exercisable Options Outstanding Options
Weighted average exercise price Number of Weighted average exercise price Number of
options options
Brought forward at 1 January 2025 4.7p 5,966,163 4.8p 14,934,500
Vested in period 4.3p 1,062,792 - -
Granted - - 1.5p 8,458,688
Exercisable at 30 June 2025 3.8p 7,074,245 3.8p 23,574,347
11. Related party transactions
Provision of services
During the period, £34,417 of fees were accrued by Orana Corporate LLP for
the provision of administrative and corporate accounting services of which
£5,430 is outstanding at 30 June 2025. Anthony Eastman is a Director of the
Company and a partner of Orana Corporate LLP.
Directors' Remuneration
During the period, the Company paid fees to its directors for services
rendered in their capacity as board members. The total remuneration paid to
directors was as follows:
Director Kazakhstan (£) UK (£) Total (£)
Alexander Walker 63,132 6,000 69,132
Christopher Van Wijk 28,850 6,000 34,850
Anthony Eastman - 12,000 12,000
Alexander Barblett - 12,000 12,000
Total 91,982 36,000 127,982
12. Events subsequent to period end
There were no material events subsequent to period end that require
disclosure.
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. END IR EQLFLEKLXBBBRecent news on East Star Resources
See all newsREG - East Star Resources - Half-year Report
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